I Inherited a House, What To Do? – Should I rent or sell in Salt Lake City?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it? How should I sell it?

Tons of options open for you, but…

… we can help.

We’re seasoned investors in Salt Lake City real estate, and we’re looking to buy several houses each month in the Salt Lake City area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now. Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Salt Lake City houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at (801) 441-2800 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!

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We met Blake back in August when we decided that we wanted to buy a home and sell our house fast. We found him online with the search term of sell my Salt Lake City house fast and contacted Blake about the possibility of buying our home quick so we could purchase a new one. This started a relationship of about 4 months! Blake was very informative of the options we would have available to us and then also made a suggestion as to which one he would recommend in the case of selling and closing quickly and one where we would have more flexibility with our timeline. The next day we signed an agreement with Blake and he was officially our realtor!!
When looking for homes, Blake was always responsive to emails and text messages about viewing homes of interest. He always made good suggestions and gave relevant feedback to us in helping us make a decision. He was always optimistic even when things didn’t always turn out in our favor. Blake was patient when we were indecisive or a little overexcited. When we were getting ready to move forward with the sale of our home and buying our new home, Blake again, provided suggestions and recommendations for mortgage lenders, title companies and other resources that we could use to help us meet our aggressive time frames! We are very pleased with Blake as our realtor and would absolutely recommend him to friends and family when they look to start buying or selling a home!

Blake and his team took the effort to give us extra personal care towards striving to find the ideal home without thought of recompense or financial gain. They Work constantly to assist us every step of the way.

Blake Rounkles absolutely helped make 2014 a great year for us! We had a home that we had no luck in selling after my husband got a job transfer to a location across the country (which happened to be the time period after the real estate bubble burst), and after waiting a few years for the market to come back, I found his website under “We Buy House in Utah“in desperation and when he contacted us I was willing to accept just breaking even or taking a hit if we had to, just to get rid of the whole situation. Blake convinced me to trust his process and not only did we sell our home, he also got us a tidy profit to boot! All the while during that process he was always accessible to us whenever we needed him. The personal attention he provided was invaluable. He took a stressful home situation and turned it into a pleasant home selling experience. I highly recommend him for any and all of your real estate needs. You won’t find a more genuine, honest and knowledgeable person for the job, in my opinion.

It has been a real privileged to have had Blake Rounkles represent me in selling my home. It has taken a while because of the short sale. He has answered my questions and given suggestions. He has always been available whither by phone or e-mail. If I need a an Investor/Realtor in the future I will contact Blake to represent me.

Hi Blake,I would like to thank you for all the work you have done on my behalf in finding a qualified buyer for my home in Ogden. Knowing that it would not be easy to sell my home during this tough economic time, I needed an investor whom I could trust to hold my interest in the highest regard and handle decisions for me so that I could focus on my new life in Nevada. You have proven yourself well in regards. I did not worry about my house selling, nor about the paperwork that was needed. You looked after my interests as the seller impeccably. I appreciate all you have done to make this a smooth transaction.

We have real estate solutions and are an investment firm that specializes in helping homeowners get rid of burdensome houses fast. We are Utah home buyers and problem solvers who can buy your house fast for CASH. =>=>WALK AWAY TODAY! <=<=